ADVERTISEMENT

World Bank to invest $5 bln

Competition

The World Bank said it is to launch a $5 billion fund to invest in emerging economies’ local currency bond markets, called the Global Emerging Markets Local Currency Bond Fund (GEMLOC).

It will mobilize money from public and private institutional investors and will invest initially in 15-20 emerging markets. This sum will be invested in bonds of developing markets within the framework of an investment fund being created by the bank, vice-president, chief economist of the WB International Finance Corporation (IFC) Michael Klein told journalists on Monday. It is planned to collect within the framework of the given project $5 billion by the beginning of 2008. According to Itar-Tass news agency, the World Bank intends to invest 3% of this sum, some $150 million in bonds of Russian companies. Brazil, Mexico, Poland, China, India and South African Republic will get 10% each. Besides, Columbia, Hungary, the Czech Republic, Turkey, Malaysia, Indonesia and Thailand were also included in the list. It is supposed that 20 more countries may join it within five years. The project is planned for 10 years. (cnn)

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Transformation Delineation - Microsoft country general manag... Podcasts

Transformation Delineation - Microsoft country general manag...

Most districts not planning mandatory vaccination at kinderg... City

Most districts not planning mandatory vaccination at kinderg...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.